Question

A certain college graduate borrows $5900 to buy a car. The lender charges interest at an annual rate of 10%. Assuming that interest is compounded continuously and th the borrower makes payments continuously at a constant annual rate k dollars per year, determine the payment rate k that is required to pay off the loan in 6 years (Round your answer to two decimal places.) k=$ per yr Determine how much interest is paid during the 6-year period. (Round your answer to two decimal places.)

Answer 1

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